NEW YORK—A new study shows consumers continue to open their mobile banking apps at a higher rate as they steer further away from branches.
A study conducted by Chase indicates that more consumers are using their mobile app (33%) or banking online (35%) than last year, while only 16% are stopping by branches more often. The report also shows that more consumers are accessing mobile banking while at work.
More than half of respondents (54%) said they use their mobile banking app at work. One in 10 checked it during a client meeting. Many use it at a restaurant (39%), in a check-out line at a store (38%) and during a date (17%).
Consumers are also checking their mobile app during coffee or smoking breaks (37%), commuting (28%) and waiting to pick up a child from school (24%).
"This survey tells us what our customers have shown us over the last two years," said Barry Sommers, CEO of Chase consumer banking. "They love the ease of handling their routine banking online, on their phone and at an ATM."
Overall, more of the 1,500 adults Chase surveyed are using an FI’s website or online portal (70%) than using an FI’s app on a mobile phone or tablet (47%).
Millennials are (67%) are heavy mobile app users, the study shows, as well as Hispanics (45%).
The report also revealed that consumers are picking up on the increasing capability of ATMs:
- Viewing account balances and transactions (70%)
- Transferring money from one account to another (46%) and
- Depositing checks (64%).
The study also shows that one-third (33%) of Millennials are using their FI’s ATMs now more than a year ago, compared to 16% of GenXers and 10% of Boomers.